The Economic Development Corporation (EDC) was formed under the authority of Michigan’s Economic Development Corporation Act 338 of 1974. The purpose of an EDC is to promote and expand existing businesses within the City, as well as to attract new businesses to bolster economic growth of the City resulting in employment and opportunity for its citizens.
One main action of the EDC is the ability to issue tax-exempt revenue bonds to manufacturing projects and projects at the direction of Section 501(c)(3) non-profits.
Membership
The Economic Development Corporation is comprised of nine members. Not more than three of the members shall be an officer or employee of the municipality. The Chief Executive Officer and any member of the governing body may serve on the Board of Directors of the Corporation. These Directors may then appoint four members for six-year terms, one member for a five-year term, one member for a four-year term, one member for a three-year term, one member for a two-year term, and one for a one-year term. The EDC meets monthly or on an as-needed basis.
You may read more about the Economic Development Corporations ACT 338 of 1974 on the State of Michigan website.
Agendas & Minutes